Med Discovery and DRAXIMAGE Establish Research Collaboration



    PLAN LES OUATES, GENEVA, Switzerland and MONTREAL, Aug. 22 /CNW/ - Med
Discovery and DRAXIMAGE, the radiopharmaceutical division of DRAXIS Health
Inc. (TSX: DAX) (NASDAQ:   DRAX) announced today that they have established a
research collaboration agreement to explore the combination of Med Discovery's
targeted protein therapeutics with DRAXIMAGE's radiopharmaceutical expertise
in the therapeutic and diagnostics field.
    Med Discovery's lead proteins are themselves potential therapeutic agents
for prostate cancer and a variety of other cancers. This collaboration
provides initially for the radiolabeling of certain Med Discovery's proteins
by DRAXIMAGE to assess the enhancement of their therapeutic action and their
capability to detect microtumors. The proteins will be produced at Med
Discovery in Switzerland and radiolabeled by DRAXIMAGE in Canada.
    "This agreement paves the way for a fruitful collaboration between our
two companies," said David Deperthes, CEO of Med Discovery. He continued, "We
are very happy to be working with DRAXIMAGE, one of the world leaders in the
development and commercialization of radiopharmaceuticals. We believe that
this collaboration will not only help advance our lead molecules to the
clinic, but also generate exciting possibilities for future products based on
a combination of our two companies' expertise."
    "We look forward to working closely with Med Discovery to facilitate the
clinical development of their promising product candidates," said Dr. Jean De
Serres, Vice President, Clinical Research and Regulatory Affairs at DRAXIMAGE.
"This exciting program is an excellent example of how DRAXIMAGE is
establishing strategic partnerships for the identification and development of
innovative products and technologies."
    The data for these proteins from this collaboration will yield
information that is essential for commencing clinical studies. This is a
prerequisite for their development as potential treatments for cancers where
there are currently few satisfactory therapeutic alternatives.
    The advent of new agents that can home in on molecular targets, such as
cancer cells, opens new doors for designing radiopharmaceuticals. Attaching
radioactive isotopes to such agents may provide a way to more precisely
deliver highly localized radiation therapy or allow researchers to better find
and track metastatic tumors or more effectively monitor the progress of
therapy.

    About Med Discovery SA: Med Discovery combines biological drug discovery
expertise with a strong in-house knowledge of the medical urology field to
develop novel drugs for urological cancers and other related solid tumors. The
company's core technologies are in the areas of protein-based protease
inhibitors and high affinity binding molecules. Med Discovery is a privately
funded Swiss biotech company founded in 2002 as a spin-off of the Vaudois
University Hospital Centre (CHUV) in Lausanne. For more information, please
consult www.med-discovery.com

    About DRAXIMAGE:

    DRAXIMAGE develops, manufactures and markets diagnostic and therapeutic
radiopharmaceuticals for the global marketplace. Products currently include a
line of lyophilized technetium-99m kits used in nuclear imaging procedures and
therapeutic products labeled with a variety of isotopes including radioiodine.

    About DRAXIS Health Inc.:

    DRAXIS Health, through its wholly owned operating subsidiary, DRAXIS
Specialty Pharmaceuticals Inc., provides products in three categories: sterile
products, non-sterile products and radiopharmaceuticals. Sterile products
include liquid and freeze-dried (lyophilized) injectables plus sterile
ointments and creams. Non-sterile products are produced as solid oral and
semi-solid dosage forms. Radiopharmaceuticals are used for both therapeutic
and diagnostic molecular imaging applications. Pharmaceutical contract
manufacturing services are provided through the DRAXIS Pharma division and
radiopharmaceuticals are developed, produced, and sold through the DRAXIMAGE
division. DRAXIS employs approximately 500 staff in its Montreal facility
    For additional information please visit www.draxis.com

    Caution Concerning Forward-Looking Statements for DRAXIS Health Inc.
    ("the Company")

    This news release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended (the "Securities
Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act") and as contemplated under other applicable securities
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terminology such as "may," "will," "expect," "anticipate," "estimate,"
"continue," "plan," "intend," "believe" or other similar words. These
statements discuss future expectations concerning results of operations or
financial condition or provide other forward-looking information. Our actual
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results expressed in, or implied by, those forward-looking statements. You
should not place undue reliance on any forward-looking statement, which speaks
only as of the date made.
    These statements are not guarantees of future performance. By their
nature, forward-looking statements involve numerous assumptions, known and
unknown risks, uncertainties and other factors that may cause the actual
results or performance of the Company to be materially different from such
statements or from any future results or performance implied thereby. Factors
that could cause the Company's results or performance to differ materially
from a conclusion, forecast or projection in the forward-looking statements
include, but are not limited to:

    
    -   the achievement of desired clinical trial results related to the
        Company's pipeline products;

    -   timely regulatory approval of the Company's products;

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        manufacture and marketing of the Company's products;

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        limitation, material equipment breakdowns);

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    -   the establishment and maintenance of strategic collaborative and
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    -   the Company's dependence on a small number of key customers;

    -   the disclosure of confidential information by our collaborators,
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        union and employees;

    -   the Company's ability to grow the business;

    -   the fluctuation of our financial results and exchange and interest
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    -   the risks described in "Item 3. Key Information - Risk Factors" in
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    For additional information with respect to certain of these and other
factors, and relating to the Company generally, reference is made to the
Company's most recent filings with the United States Securities and Exchange
Commission (available on EDGAR at www.sec.gov) and the filings made by the
Company with Canadian securities regulators (available on SEDAR at
www.sedar.com). The forward-looking statements contained in this new release
represent the Company's expectations as at August 21, 2007. Unless otherwise
required by applicable securities laws, the Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.

    %SEDAR: 00004049E




For further information:

For further information: Contact for DRAXIMAGE: Jerry Ormiston,
Executive Director, Investor Relations, DRAXIS Health Inc., Phone:
1-877-441-1984; Contact for Med Discovery: Tom Gibbs, Med Discovery SA, Phone:
+41 22 706 17 54, tom.gibbs@med-discovery.com

Organization Profile

DRAXIS SPECIALTY PHARMACEUTICALS INC.

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